SALEM MEDIA GROUP, INC. /DE/ (SALM): Nasdaq/NYSE listing notice — Salem Media Group voluntarily delists from Nasdaq, plans OTCQX listing by Jan 19

SALEM MEDIA GROUP, INC. /DE/

Salem Media notified Nasdaq of voluntary delisting, effective ~Jan 18, 2024.
Company failed to regain compliance with Nasdaq minimum bid price rule.
Board accepted Special Committee recommendation for delisting, citing significant annual cost savings.
Common stock expected to be quoted on OTCQX starting Jan 19, 2024, pending OTC approval.
Company intends to file Form 15 by March 29, 2024 to deregister and suspend SEC reporting.

item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

SALEM MEDIA GROUP, INC. /DE/ received a nasdaq delisting notice notice regarding minimum bid price (rules 5450(a)(1)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: minimum bid price
Rules: 5450(a)(1)

Exact text from the filing

December 22, 2023, the Corporation received written notice from Nasdaq notifying the Corporation that it has not regained compliance with Nasdaq Listing Rule 5450(a)(1) and that the Class A Common Stock is subject to delisting from Nasdaq and is scheduled for delisting at the opening of business on January 3, 2024, and that a Form 25-NSE will be filed with the SEC, unless the Corporation (i) submits an on-line application to transfer its Class A Common Stock to The Nasdaq Capital Market by December 29, 2023, or (ii) appeals such determination by requesting a hearing to the Nasdaq Hearings Pane

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Source: SEC EDGAR

accession 0001193125-23-305906

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